As the use of Internet is getting more widespread and people are putting more trust on the Internet-based information, a new form of word of mouth termed as electronic word of mouth (E-WOM) has been developed. People receive E-WOM messages from social media, consumer review sites, discussion forums etc. Researches say that people tend to rely on E-WOM messages as much as they do on personal word of mouth. But what variables influence E-WOM credibility? After conducting an intensive background research on this topic this study has been able to identify certain variables such as E-WOMs quantity, polarity, logic and articulation, source and users prior knowledge/expertise that affect E-WOM credibility. Based on the identified variables a survey was conducted on the students of 10 private and public universities of Bangladesh with a view to measure the effect of those variables on the E-WOM credibility. The regression analysis result indicates the quantity of E-WOM and the source of E-WOM has significant impact on E-WOM credibility. While, the designed model overall with all the included variables came strongly significant in explaining E-WOM credibility. In addition, to measure the internal consistency and correlation of the variables Cronbachs Alpha technique and correlation analysis are also conducted which have brought satisfactory outcome. From a strategic point of view, this study is useful for the modern marketers who want to use E-WOM to promote their products or services. By focusing on the predictor variables which have impact on E-WOM credibility, they can be able to enhance the effectiveness of their marketing strategy with a very cost efficient and a time savvy manner.